AUTOMOTIVE STUDY 2025 / Šaroch (ed.) et al.

the low p-values (<0.05) observed in all countries (e.g., 0.001 in Germany and 0.004 in Poland). In addition to the operating pro t margin, the unlevered cost of equity was also statistically signi cant in DE, SK, PL, and HU (e.g., p-value of 0.009 in DE and 0.023 in SK). A decrease in this variable had a signi cantly positive e ect on value creation, as indicated by the negative coe cients. For HU rms, a similarly positive e ect was found for all other EVA drivers, except for the cost of debt. is is supported by the statistically signi cant p-values for variables such as investment dynamics, as shown in Table 4.7. Table 4.7: Results of the multivariate regression analysis of the EVA generators of the assessed countries between 2014 and 2023

Czech Republic

Countr y

Slovakia

Poland Hungary Germany

Multiple R

0,985 0,970

0,986 0,973

0,988 0,976

0,999 0,998

0,997 0,993

R-Squared (R 2 )

Adjusted R-squared (Adjusted R 2 ) Coe cient (turnover of invested capital) Coe cient (operating pro t margin) Coe cient (leverage of invested capital) Coe cient (after-tax cost of debt) Coe cient (cost of equity unlevered) P-value (turnover of invested capital) P-value (operating pro t margin) P-value (leverage of invested capital) P-value (after-tax cost of debt) P-value (unlevered cost of equity) P-value (investment dynamics) Coe cient (investment dynamics)

0,681

0,689

0,696

0,746

0,735

357 404 -50 079 462 783 319 833 69 222 917

47 900 530 32 072 518 24 020 731 28 722 598 608 480 331

-1 050 650 -245 786 -649 037 692 110 3 454 633

18 224 742 14 304 387 -7 145 720 1 656 211 359 539 216

-18 708 270 -7 043 120 -11 163 411 -14 134 614 -555 301 526

-505 025 257 684 -513 646 -959 656 -59 454 394

0,325

0,663

0,003

0,043

0,061

0,020

0,012

0,004

0,002

0,001

0,738

0,838

0,105

0,036

0,931

0,821

0,226

0,227

0,854

0,673

0,092

0,023

0,004

0,001

0,009

0,663

0,695

0,026

0,004

0,053

106